After more than 20 years with Suncorp Bank, what motivates Financial Crime Detection and Analytics Manager, Andrew Sheldon, to come into work every day and help prevent Suncorp Bank customers from falling victim to scams?
An introvert by nature and a self-characterised “Adult Disney Geek” with three furry kids – a cat and two sausage dogs – Andrew is one of our many diligent Suncorp Bank team members working around the clock to identify, intervene and prevent the significant number of scams targeting Aussies every day.
Starting his journey on the front line in our Contact Centre, Andrew says he accidentally stumbled upon his passion for fighting financial crime.
“When I started in the contact centre, I really wanted to know how the bank worked! I’ve always been a detail-oriented person who enjoyed reading policies and procedures to understand not only the what but also the why, and I quickly I realised my passion for solving complex cases. As a result, I moved into the financial crime space. And the rest is history!”
Fast forward to 2024, Andrew has worked in a variety of roles within the Financial Crime team and now leads the Detection and Analytics space. This involves alerting customers to scams in real-time and making strategic business decisions to stay one step ahead of criminals.
The ever-evolving world of scams
Since the beginning of the year, Australians have reported almost 150,000 scams (worth approximately $135 million) to the Australian Competition and Consumer Commission’s ScamWatch website.
Scammers do not discriminate and, although those 65 and over are more likely to fall victim to a scam, all age groups can be targeted by these criminals.
Commons scams that Australians can encounter are:
- Investment: criminals will create fake money-making opportunities to entice you to invest your savings.
- Romance: scammers will enter a relationship with you with the sole purpose of manipulating you into sending them money.
- Phishing/Impersonation Scams: the scammer will pose as a trustworthy party with the intention to steal your money or lure sensitive information from you.
- False Billing: criminals will use fake invoices with incorrect payment details to deceive you into paying into the wrong account.
- Employment: the scammer will offer you a high-paying job or guarantee to make ‘fast money’ in exchange for you to hand over money.
“Scams are more sophisticated than ever before with criminals frequently pivoting their tactics to deceive Australians.
“This is why Scams Awareness Week is held each year. A week, between Monday 26 August to Friday 30 August, to raise awareness for the increasing threat of scams in the Australian community.
“With 37% of Australians knowing someone who has lost money to a scam, it is important for banking institutions to work together and with the community to stop scammers in their tracks,” said Andrew.
Stop, think and check
Before you act, always stop, think, and check. Criminals will take advantage of new situations, life changes, or upcoming events in the hopes that the victim will not spot the warning signs.
Warning signs can include:
- An investment opportunity is too good to be true, with the potential to save or earn a lot of money
- Someone you haven’t met in-person starts requesting your help and money
- An email or text containing links or attachments
- A message containing typos, an unfamiliar email address, or ‘slightly-off’ branding
- The sender creates a sense of urgency to respond
- The payment method being requested is unusual or quite specific
- Being asked to set up new accounts of PayIDs
“If you have shared your personal details or sent money to a scammer, I urge you to tell the bank as soon as you realise. Sometimes people withhold this information out of shame, but the earlier we know, the more we can do to help. IDCARE is also a great national identity and cyber support service for those you have fallen victim to a scam,” said Andrew.
“If you’re considering an investment or a new romantic relationship, it is important that you have conversations with someone in the real world who knows you and wants the best for you. By doing this, it can help to identify the warning signs which you may not have identified.
“Finally, always remember that a Bank will never call and ask for codes, to transfer money or share your personal information. If this happens, we encourage you to hang up and contact us on 13 11 75 to report the call,” said Andrew.
Minimising scams is a joint effort and, together, by stopping, thinking, and checking, we can help create a brighter future for our community.
For more information about scams in Australia, go to Scamwatch.
Published 23 August 2024
